Get IRS 1040-SR (SP) 2022-2024

IRS extra standard deduction for older adults For 2023, the additional standard deduction is $1,850 if you are single or file as head of household. If you're married, filing jointly or separately, the extra standard deduction amount is $1,500 per qualifying individual.

Increased Standard Deduction When you're over 65, the standard deduction increases. The specific amount depends on your filing status and changes each year. The standard deduction for seniors this year is actually the 2022 amount, filed by April 2023.

Additional Standard Deduction – You're allowed an additional deduction if you're age 65 or older at the end of the tax year. You're considered to be 65 on the day before your 65th birthday.

If you are 65 or older and blind, the extra standard deduction is $3,700 if you are single or filing as head of household. It's $3,000 per qualifying individual if you are married filing jointly or separately.

Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older. Form 1040-SR uses the same schedules and instructions as Form 1040 does.

Go to .irs.gov/Form1040SR for instructions and the latest information.

Your adjusted gross income (AGI) consists of the total amount of income and earnings you made for the tax year minus certain adjustments to income. For tax year 2023, your AGI is on Line 11 on Form 1040, 1040-SR, and 1040-NR. It is located on different lines on forms from earlier years.

(It isn't taxed, but it goes into the calculation.) If that total exceeds the minimum taxable levels, then at least half of your Social Security benefits will be considered taxable income. You must then take the standard or itemize deductions to arrive at your net income.